William Penn Life, 2008 (43. évfolyam, 1-12. szám)
2008-04-01 / 4. szám
In our opinion, the amounts carried in the balance sheets on account of the various actuarial items: (1) are computed in accordance with commonly accepted actuarial standards consistently applied and are fairly stated in accordance with sound actuarial principles; (2) are based on actuarial assumptions which produce reserves at least as great as those called for in any contract provision as to reserve basis and method, and are in accordance with all other contract provisions; (3) meet the requirements of the insurance laws and regulations of the Commonwealth of Pennsylvania and are at least as great as the minimum aggregate amounts required by the state in which this statement is filed; (4) are computed on the basis of assumptions consistent with those used in computing the corresponding items in the annual statement of the preceding year end with any exceptions as noted below; and (5) include provision for all actuarial reserves and related statement items which ought to be established. It is apparent that the officers and directors continue the skillful management of the members' money while maintaining very strong safeguards. Subscribed and sworn to before me this 13th day of February 2008 Virginia S. Kiddle, Notary Public. Robert E. Bruce is president of Bruce & Bruce Company. WILLIAM PENN ASSOCIATION 2007 ANNUAL STATEMENT FINANCIAL REPORT ASSETS 1 Bonds $173,161,533 Stocks 8,231,066 Mortgage Loans 134,634 Real Estate 942,745 Cash and Short-Term Investments 2,385,666 Certificate Loans 940,462 Accrued Investment Income 2,613,359 Electronic Data Processing Equipment & Software 4,625 Premiums Due and Uncollected20,568 Total Admitted Assets $188,434,658 r LIABILITIES, SPECIAL RESERVES 1 SURPLUS CERTIFICATE RESERVES J Life, Annuity and Accident & Health Policy Reserves $149,008,000 Liability for Deposit-Type Contracts 6,481,107 Life and Accident & Health Claim Reserves Provision for Refunds Payable in Following 180,582 Calendar Year 360,000 Premiums Paid in Advance 497,014 Officials' Retirement Program 1,726,132 Interest Maintenance Reserve 1,851,206 General Expenses and Taxes Due or Accrued 68,852 Asset Valuation Reserve 954,951 Trust Account 616,046 Other Liabilities 135,742 Total Liabilities $161,879,632 Unassigned Surplus 26.555.026 Total $188,434,658 INCOME Premiums & Annuity Considerations $8,597,224 Net Investment Income 11,108,898 Amortization of Interest Maintenance Reserve 175,849 Miscellaneous Income 21,911 Total Income $19,903,882 OUTGO Life Benefits Paid, Including Dividends Annuity and Pension Benefits Paid Interest on Funds to Members' Accounts Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates Commissions on Premiums & Annuity Considerations General Operating and Fraternal Expenses Insurance Department Licenses, Taxes & Fees Total Outgo 8i Reserve Increase Net Gain from Operations after Refunds to Members $ 2,780,631 10,756,039 4,676,394 (3,479,000) 355,677 4,248,552 144,254 $19,482,547 $421,335 RECONCILIATION Net Gain from Operations $ 421,335 Realized Gains (excluding transfers to the IMR) 191,704 Net Income Unassigned Funds as of 12/31/06 Change in Unrealized Gains Change in Nonadmitted Assets Change in Asset Valuation Reserve $ 613,039 26,329,552 (344,949) (104,549) 61,933 Unassigned Funds as of 12/31/07 $26,555,026 William Penn Life, April 2008 13
